1. The stock of AAA Corporation, A US-based company is owned by Jen and Lisa, who are unrelated. Jen owns 60% and Lisa owns 40% of the stock. All of AAA Corporation's assets were acquired by purchase. The following assets are to be distributed in complete liquidation of AAA Corporation:

	Fair Market Value	Adjusted Basis
Cash	$600,000	$600,000
Inventory	$200,000	$220,000
Equipment	$400,000	$360,000
Land	$800,000	$720,000

1. What gain or loss, if any, would AAA Corporation recognize if it distributes the cash, inventory, and equipment to Jen and the land to Lisa?
2. What gain or loss, if any, would AAA Corporation recognize if it distributes the equipment and land to Jen and the cash and inventory to Lisa?